Digital disruption is the future of UK banking

This is an extract from a piece I’ve just written on ‘challenger’ banks for Billing Views. It captures my thoughts on the future of UK banking.

Having registered my interest in Williams & Glyn I’ve been asked to complete surveys on what the new bank should be like. The common theme running through these questions (and apparently the most requested feature) is for the return of the bank manager. Whilst it is occasionally frustrating to feel that bank branches are run by people where anything more than stationery orders is above their pay grade, is that really the most important feature for a new bank?

Surely a bank that puts digital engagement at the heart of their strategy and allows customers to manage all aspects of their banking via their mobile device would be a lot more relevant to most customers? The current crop of banks are a long way from this with apps that are at best limited in functionality. The opportunity for new players to transform banking relationships via digital disruption is huge – and a lot cheaper than running vast estates of branches that were built for a different age.

Digital disruption is what will determine if ‘challenger’ banks can change UK banking.